By Jennifer Ablan (Reuters) - The Janus Global Unconstrained Bond Fund, which famed investor Bill Gross oversees, posted $4.5 million of inflows in August, its first since April, according to Morningstar data.

Total assets in the fund fell to $1.42 billion at the end of August from $1.47 billion at the end of July, Morningstar said.

The fund is down 1.91 percent this year and lagging 87 percent of its peer category, Morningstar added.

Todd Rosenbluth, director of ETF & mutual fund research at S&P Capital IQ Global Markets Intelligence, said the fund was underperforming its Lipper peers and the Barclays Aggregate index for 2015.

"However," Rosenbluth added, "an unconstrained bond fund like this Janus one that can adjust to shifting views on likelihood of higher (interest) rates should have some appeal."

Gross, known as the "bond king" for his decades-long run of successful returns, shocked fixed-income markets last September when he quit Pimco, the firm he co-founded and had built into a $2 trillion powerhouse, for Janus.

In July, Denver-based Janus Capital Group said Gross would be getting help running his mutual fund from Kumar Palghat of Kapstream Capital Pty, in which it had acquired a majority stake.

Gross, who began managing the Janus Global Unconstrained Bond Fund in October, continues to be primary portfolio manager. Palghat will be co-portfolio manager.

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